Tesco and Booker shareholders vote in favour of merger

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Tesco and Booker shareholders have voted overwhelmingly in favour of the merger of the two companies, which is now set to complete on 5 March.

At a meeting of Tesco shareholders on Thursday, 85.22% of votes cast backed the deal – easily surpassing the required 50% threshold.

At a separate court meeting of Booker investors, 83.4% of votes cast approved the deal, exceeding the 75% voting threshold required to pass. At the following general meeting the requisite majority of shareholders voted to approve the deal. 

The deal was worth £3.7bn when it was first proposed in January 2017, but was valued at more than £3.9bn at Tuesday’s closing share prices.

The UK competition authorities have already cleared the deal, which is expected to complete on 5 March.

Readers' comments (8)

  • Turkeys voting for Christmas. Tesco does not have a good record on diversification. Wholesale is not the same as retail. Dave Lewis should stick to what Tesco is good at.

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  • Fantastic, looking forward to new opportunities to serve my customers more effectively, better range, better pricing & better services.

    Consolidation is going to bring good things for all BRP served stores.

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  • This is a good deal so long as both parties deliver on promises. The net beneficiaries should be Booker customers, store owners and lastly shareholders. Well done to Lewis and Wilson having stuck to their guns and went down this long road to restructuring what had become a cosy haven for wholesalers.

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  • Nice to see you are an optimist Steve but just what makes you think everything is going to be better?

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  • I am delighted to see that todays is one of the finest hour for the convenience sector to enjoy and the economies of scale that will follow. It was the consolidation we all needed. I don't want to bore you with the obvious but I would rather be an optimist than listen to empty rhetoric with little or no alternatives to the challenges we will facing in an over crowded market.

    Arjan Mehr Londis Bracknell

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  • Was in favour at first but now so sure now , don't think prices will alter, bookers get away overpricing now so why will it change

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  • Lets see how many of the C&C type retailers are still in business in 18 months time.This is the death knell for indies.

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  • Some deluded people believing Tesco buying Booker will benefit the indies. Tesco will be the only winners. RIP independent convenience stores.

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